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ACCESS BANK TO ACQUIRE 100% OF ZAMBIA’S CAVMONT CAPITAL

Access Bank, one of the foremost Nigerian banks in Africa, has announced its intention to acquire 100% of Cavmont Capital, through its subsidiary, Access Bank Zambia. This announcement was disclosed by Nigerian Stock Exchange (NSE) last week in a corporate disclosure which was duly signed by the Company Secretary, Mr. Sunday Ekwochi. The disclosure read, “Access Bank Plc (“Access Bank”) announces today that its wholly-owned subsidiary in Zambia, Access Bank Zambia Limited (“Access Bank Zambia”) has entered into exclusive discussions with Cavmont Holdings Zambia Plc (“Cavmont Capital”) regarding a potential transaction between Access bank Zambia and Cacmont Bank Limited (“Cavmont Bank”), a wholly-owned subsidiary of Cavmont Capital. The potential transaction relates to the sale of 100% of Cavmont Capital interest in Cavmont Bank to Access Bank Zambia.”  “There can be...

OFID FUNDS AFRICA WITH $140 MILLION FOR PUBLIC DEVELOPMENT PROJECTS

The OPEC Fund for International Development(OFID) has approved $310 million to benefit different developing countries across the globe, of which $140 million is targeted at improving the public sector in five African countries.  This finance disbursement program is in line with the organization’s goal of providing responsive and impactful development which will improve the lives of underserved people across the world. Similar to the $85 million loan given to four African countries in October 2019, this newly-approved public sector loans, amounting to $140 million, will support five African countries in the following projects.  Niger A total of $15 million was assigned to strengthen the resilience of rural communities against Food...

Hybrid-delivery Nigerian startup, WAeY Hailing launches

So far, 2020 has been another year during which eCommerce has experienced a huge boom on a global scale. Consequently, the need for logistics or delivery services has grown since these two are mutually dependent. This means that existing companies will either upgrade or pivot their services while new firms emerge. Regardless of the current situation, Nigeria’s logistics marketplace is still largely unexploited. WAeY Hailing helps users get delivery on their own terms But then, the idea for WAeY Hailing was conceived long before the current economic disruption. Sometime in 2019, Mobolaji Akintokunbo, WAeY Hailing founder, was at the receiving end of delayed food delivery. He suspected that this disappointment could only have resulted...

Sea Monster bags $1-million investment

Cape Town-based, animation, gaming, and AR/VR company, Sea Monster has secured a $1-million investment from FirstRand’s Vumela Fund. Founded in 2011, Sea Monster was born out of the desire to use games, VR, and AR technology as an instrument for change to develop new and advanced methods of communication and education solutions for corporations. The $1-million investment will help Sea Monster unlock digital solutions Established by Glenn Gillis and Wynand “Munki” Groenewald, Sea Monster will use the secured investment to unlock digital solutions to change the way in which corporations address internal training and communication. The team of analysts, animators, game designers, and developers at Sea Monster work together to develop effective...

Daily Digest Thursday 16 July 2020

Funding In East Africa Kenya’s Forestry Startup KOMAZA Raises $28M In Series B Equity Funding Kenya’s micro-forestry startup, Komaza, has raised  $28m of a planned $33m Series B equity financing. The round of funding was co-led by Novastar LPs AXA Investment Managers (through the AXA Impact Fund: Climate & Biodiversity), Read more Funding In North Africa Moroccan edtech KoolSkools raises over $400,000 to help schools go digital Casablanca-based edtech KoolSkools has raised over ~$416,000 (MAD 4 million) from MITC Capital’s Maroc Numeric Fund II and an angel investor, the Moroccan startup announced in a statement today to MENAbytes. About $310,000 (MAD 3 million) of the capital came from Maroc Numeric Fund II  Read...

KENYA’S FORESTRY STARTUP KOMAZA RAISES $28M IN SERIES B EQUITY FUNDING

Kenya’s micro-forestry startup, Komaza, has raised  $28m of a planned $33m Series B equity financing. The round of funding was co-led by Novastar LPs AXA Investment Managers (through the AXA Impact Fund: Climate & Biodiversity), and the Dutch development bank FMO, with further participation by Mirova’s Land Degradation Neutrality Fund. The tech-enabled company has it sights set on expansion armed with the funds, as it looks to expand its first site on Kenya’s coast to two additional sites across East Africa, investing in additional wood manufacturing facilities to grow its line of sustainable building materials, adding a new direct-to-farmer app to drive enrollment and increase farmer access...

Moroccan edtech KoolSkools raises over $400,000 to help schools go digital

Casablanca-based edtech KoolSkools has raised over ~$416,000 (MAD 4 million) from MITC Capital’s Maroc Numeric Fund II and an angel investor, the Moroccan startup announced in a statement today to MENAbytes. About $310,000 (MAD 3 million) of the capital came from Maroc Numeric Fund II and the rest from the undisclosed angel investor. It is the second investment by Maroc Numeric Fund II in less than a week. They had announced their $400,000-investment in Moroccan fintech OnePay on Wednesday. Founded earlier this year, KoolSkools is an online learning platform that enables schools to digitalize their courses and exercises, create a content bank, and deliver live courses. The platform also enables schools to manage their operations...

Sierra Leone announces construction of $1.4bln polyvalent seaport

 Sierra Leone has revealed plans for the construction of a seaport. John Tambi, Head of the Presidential Infrastructural Initiative (PII), said talks are in advanced stages for the implementation of the project. The facility, which will be located near the village of Niti, on the island of Bonthe, about 150 km south of Freetown, will integrate an industrial free-trade zone. The feasibility study, completed in December 2019, was carried out by Strong Hold Finance Group. According to Tambi, investors have already expressed interest in the project, and “we are now moving to the contract agreement stage and I’m sure we can start the project this year.” The...

FAIRFAX, HELIOS MERGER TO BIRTH PAN-AFRICAN INVESTMENT GIANT

Canada-based Fairfax Africa Holdings Corporation has agreed to merge with Helios Holdings Limited, an Africa-focused private equity firm, in a transaction that is expected to create a giant pan-African money manager and investment firm, the companies said in a statement Friday. The new entity, Helios Fairfax Partners Corp., will be listed in Toronto with the majority stake owned by Fairfax. Tope Lawani and Babatunde Soyoye, co-founders of Helios Investment Partners LLP, will run the new group as joint chief executive officers. Detailed financial terms of the deal were not revealed, but Helios shareholders will gain a 45.9 percent stake and voting interest in Fairfax Africa. In return, Helios will contribute fees from...

Develop An Understanding Of How To Sell To The C-Suite

Understanding that today’s C-Level Executives are busy and focused on delivering results to stakeholders and shareholders is important, and gaining access to them has become an extremely difficult task for sales executives. Selling to IT to C-level executives is not easy. To be a successful Sales VP, Sales Manager or Sales Executive you have to adapt your approach and understand your customer’s industry, company and buying motivations. When you start selling to CEO’s, CIO’s or CTO’s the rules change; They employ seasoned gatekeepers and are inundated with technical sales calls. Nonetheless, those who make a good living selling technology solutions to CxOs have learned that there are...

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